Chapter III
PREPARATION AND IMPLEMENTATION OF PUBLIC BORROWING AND REPAYMENT PLANS
Section 1. 5-YEAR PUBLIC BORROWING AND REPAYMENT PLANS
Article 8. Bases for preparing 5-year public borrowing and repayment plans
1. Implementation of socio-economic development plans, 5-year national financial plans, midterm public investment plans and previous 5-year public borrowing and repayment plans
2. Objectives and orientation for socio-economic development, finance and state budget, public investment and macroeconomic balances according to Resolutions of the National Assembly
3. Law regulations on finance - state budget, public debts, public investment, currency and credit
4. Guidelines provided by the Government for preparing socio-economic development plans, 5-year financial plans and midterm public investment plans
5. Execution of loan contracts and use of current debt instruments; demand for use of loans and forecasts about domestic and external loans that create negative impact on the capacity for raising loans under loan contracts and issuance of debt instruments in 5 planning years.
Article 9. Procedure for preparing 5-year public borrowing and repayment plans
1. People’s Committees of provinces shall prepare 5-year borrowing and repayment plans of provinces and send them to the Ministry of Finance in accordance with the Government regulations on management of provincial debts to be included in the 5-year public borrowing and repayment plan.
2. Ministries and ministerial agencies that are in charge of public debt using programs or projects shall evaluate the management of public debt use by ministries and ministerial agencies in the previous 5 years and anticipate the need for public debt use in the next 5 years then submit a report on the above-mentioned issues to the Ministry of Finance which is then included in the 5-year public borrowing and repayment plan.
3. The Ministry of Finance shall preside over and cooperate with relevant ministries and provinces in preparing and submitting the next 5-year public borrowing and repayment plan associated with the 5-year national financial plan to the Prime Minister.
4. Based upon opinions of the Prime Minister, the Ministry of Finance shall preside over and cooperate with ministries and provinces in completing the preparation of the next 5-year public borrowing and repayment plan and sending such plan with the 5-year national financial plan to the Standing Committee of National Assembly and agencies of National Assembly.
5. Based upon opinions of the Standing Committee of National Assembly and National Assembly Committees, the Ministry of Finance shall complete the preparation of the next 5-year public borrowing and repayment plan then send it to the Prime Minister which is later submitted to the National Assembly together with the 5-year national financial plan.
Article 10. Implementation of 5-year public borrowing and repayment plans
1. People’s Committees of provinces shall instruct provincial specialized agencies to implement 5-year borrowing and repayment plans of provinces to ensure:
a) total 5-year loan and repayment amount of provinces do not exceed the limit specified in the plan ratified by the People's Council of provinces;
b) money amounts to repay debts is set aside on schedule
2. The Ministry of Finance shall preside over the supervision and evaluation of implementation of 5-year public borrowing and repayment plan, specifically as follows:
a) Ensure that total 5-year loan and repayment amount do not exceed the limit specified in the plan ratified by the National Assembly;
b) Send a report on solutions prescribed in clause 2 in Article 7 herein to the Government which is then submitted to the National Assembly and Standing Committee of National Assembly;
c) Send a report on such implementation to the Government which is then submitted to the National Assembly and Standing Committee of National Assembly for adjusting the 5-year public borrowing and repayment plan (where necessary).
3. Ministries, People's Committees of provinces and relevant agencies shall be responsible for cooperating with the Ministry of Finance in preparing and implementing 5-year public borrowing and repayment plan.
Section 2. 3-YEAR PUBLIC DEBT MANAGEMENT PROGRAMS
Article 11. Bases for developing 3-year public debt management programs
1. Implementation of socio-economic plans, state budget estimates, public borrowing and repayment plans in current year
2. 5-year public borrowing and repayment plan (if the 3-year program is in the 5-year plan) or objectives and orientations for public debt management in the next 5-year period (in case the 3-year period of the program is between two 5-year plans)
3. Forecasts about target for socio-economic development, state budget and public investment in 3 planning years and domestic and international capital market relating to the forecast during the preparation of the previous 3-year public debt management program.
Article 12. Procedure for developing 3-year public debt management programs
1. People’s Committees of provinces shall develop 3-year provincial debt management programs and send them to the Ministry of Finance in accordance with the Government regulations on management of provincial debts which are then included in the 3-year public debt management plan.
2. The Ministry of Finance shall develop a 3-year public debt program and send it to the Prime Minister together with the 3-year financial plan in accordance with provisions of the Law on State Budget.
3. Relevant agencies and ministries shall be responsible for cooperating with the Ministry of Finance in providing information and sending reports for the purpose of developing the 3-year public debt management plan.
4. According to the 3-year financial plan submitted to the National Assembly and annual state budget estimates ratified by the National Assembly, the Ministry of Finance shall preside over the completion of preparation of 3-year public debt management program, including limit on sovereign guarantee and limits on loans to be on-lent in the planning year and send such program to the Government which is then submitted to the Prime Minister together with annual public borrowing and repayment plans for ratification.
Article 13. Implementation of 3-year public debt management programs
1. People's Committees of provinces shall instruct specialized agencies to implement 3-year provincial debt management programs, specifically as follows:
a) Develop 3-year provincial debt management programs according to the reality and evaluate the implementation of the program in current year as well as anticipate the next 2-year implementation;
b) Prioritize disbursement of ODA loans and external concessional loans to be on-lent and reduce loans by issuing bonds (market loans)
2. The Ministry of Finance shall preside over and cooperate with ministries and provinces in implementing the 3-year public debt management program, specifically as follows:
a) Ensure that loan and repayment amounts do not exceed the limit specified in the 5-year public borrowing and repayment plan ratified by the National Assembly;
b) Evaluate public debt structure in consistent with indicators of public debt safety, including Government debts, provincial debts and sovereign-guaranteed debts;
c) Evaluate the implementation and make appropriate proposals for keeping indicators of public debt safety under the public debt ceiling and threshold
Section 3. ANNUAL PUBLIC BORROWING AND REPAYMENT PLANS
Article 14. Contents of annual public borrowing and repayment plans
1. Borrowing and repayment plans of the Government:
a) Loan raising plans including issuance of debt instruments in the domestic market, ODA loans, external concessional loans, Government bonds issued in the international market and loans from other sources in accordance with provisions of the Law on State Budget;
b) Loan use plan including making up central government budget deficit, repaying due principals, restructuring Government debts arising from ODA loans and external concessional loans on-lent to People's Committees of provinces, public service providers and enterprises;
c) Principal repayment plans including paying off principals, interests, fees and charges relating to loans and issued debt instruments which consist of plans for repaying Government debts arising from direct loans and loans to be on-lent
2. Borrowing and repayment plans of provinces:
a) Loan raising plans including Government's external loans to be on-lent, issuance of provincial bonds, loans from banks for social policies, state funds, credit institutions and other domestic loans in accordance with provisions of the Law on Public Debt Management and the Law on State Budget;
b) Loan use plans including making up central government budget deficit and repaying due principals;
c) Repayment plans including paying off principals, interests, fees and charges relating to each loan and determining repayment sources
3. Limits on ODA loans and concessional loans to be on-lent and limit on sovereign guarantee shall consist of:
a) Limits on loans to be on-lent including loans to be on-lent to provinces, public service providers and enterprises;
b) annual limit on sovereign guarantee including underwriting for issuance of bonds by Development Bank of Vietnam and banks for social policies and domestic and external loans of enterprises guaranteed by the Government.
Article 15. Bases for preparing annual public borrowing and repayment plans
1. The 5-year public borrowing and repayment plan and 3-year public debt management program
2. Loan raising tasks for financing state budget deficit, new loans for repaying principals according to state budget estimates ratified by the National Assembly
3. Domestic and foreign capital market, forecasts for interests, exchange rate and demand for restructuring Government debts in the planning year
4. Limit on outstanding loan and local government budget deficit as prescribed in the Law on State Budget
5. Implementation of public borrowing and repayment plan in the current year and demand for use of loans for financing programs and projects run by ministries, provinces, end-borrowers and sovereign-guaranteed borrowers
Article 16. Procedure for preparing and ratifying annual public borrowing and repayment plans
1. The governing bodies which are ministries, ministerial agencies and agencies affiliated to the Government shall instruct owners of affiliated projects to prepare annual plans for disbursement and use of loans provided for each program and project by the time of making annual state budget estimates which are then consolidated and submitted to the Ministry of Finance.
2. People’s Committees of provinces shall prepare borrowing and repayment plans of provinces in accordance with regulations in the Government Decree on management of provincial debts.
3. End-borrowers and guaranteed borrowers shall prepare borrowing and repayment plans for loans to be on-lent and sovereign-guaranteed loans and send them to the Ministry of Finance for the purpose of determining limits on ODA loans and concessional loans to be on-lent and limit on sovereign guarantee in accordance with regulations in the Government Decree on management of ODA loans to be on-lent, external concessional loans of the Government and Decree on provision and management of sovereign guarantee which are then submitted to the Government for ratification.
4. The Ministry of Finance shall prepare total borrowing and repayment amounts of central government budget and include total borrowing and repayment amounts of local government budget in state budget estimates then send them to the Government which are later submitted to the National Assembly for ratification.
5. According to annual total borrowing and repayment amounts of state budget ratified by the National Assembly, limits on ODA loans and external concessional loans to be on-lent and limit on sovereign guarantee ratified by the Government, the Ministry of Finance shall prepare an annual public borrowing and repayment plan and submit it to the Prime Minister for ratification.
6. According to the annual borrowing and repayment plan ratified by the Prime Ministers, ministries and provinces shall implement such plan within its scope and approved limits.
Article 17. Developing and controlling indicators of external debts
1. The State Bank shall make a consolidated report on demand for midterm, short-term and long-term external loans and repayment thereof without sovereign guarantee and suggest the maximum growth rate of outstanding debts of short-term loans and limits on midterm, short-term and long-term external loans without sovereign guarantee and send them to the Ministry of Finance which are then included in the annual public borrowing and repayment plan and submitted to the Prime Minister for approval.
2. According to decision of the Prime Minister, the Ministry of Finance and State Bank shall supervise and control indicators of external debts, specifically as follows:
a) The Ministry of Finance shall manage and supervise Government’s external debts and external loans guaranteed by the Government under the approved limits;
b) The State Bank shall manage and supervise debts arising from external loans without sovereign guarantee in accordance with provisions of the Law on Management of external borrowing and repayment thereof by enterprises without sovereign guarantee and ensure the borrowing amounts do not exceed the approved limits.
3. In case limits on loans in the planning year are not yet approved, the Ministry of Finance and the State Bank shall determine loan amounts within annual loan limits in such a way that accumulated net borrowing amount do not exceed 50% of the loan limit in the previous year.
Article 18. Implementation of annual borrowing and repayment plans
1. People’s Committees of provinces shall instruct specialized agencies to implement annual borrowing and repayment plans of provinces to ensure:
a) those plans are carried out within the scope of annual borrowing and repayment plans ratified by National Assembly and People's Council of provinces;
b) outstanding loan in the year shall not exceed the limit prescribed in clause 6 in Article 7 of the Law on State Budget and relevant guiding documents;
c) sum of money for repayment is set aside on schedule.
2. The Ministry of Finance shall cooperate with ministries and provinces in implementing the annual borrowing and repayment plan to ensure:
a) total loan and repayment amounts of the Government could balance state budget according to the estimates approved by National Assembly;
b) investment capital from external loans may be disbursed according to state budget estimates;
c) loan and repayment amounts shall not exceed limits on loans to be on-lent and limit on annual sovereign guarantee approved by the Government.
Tìm kiếm
Nghị định 94/2018/NĐ-CP (Bản Pdf)
Nghị định 94/2018/NĐ-CP (Bản Word)
